LG Elec India unit 2001 sales up 16%

NEW DELHI: The Indian unit of South Korea's LG Electronics Inc said on

Wednesday its sales in calendar 2001 grew 16 per cent from a year-ago to Rs

22.16 billion, despite a slowing domestic economy.

LG Electronics India Ltd., which makes consumer electronics and home

appliances, did not disclose its earnings for the year. It reported a before tax

profit of Rs 670 million in 2000.

It said colour TV sales grew 27 per cent in the year to 650,000 units. This

gave it a 12 per cent market share and made it the third-largest domestic

player, it said, adding that it aimed to boost sales to 850,000 colour TVs in

2002 and increase its share of the market to 15 per cent.

"We have been able to sustain growth during a year of slowdown in the

consumer electronics and home appliances industry," Kwang-Ro Kim, LG

India's managing director, said in a statement. LG India, the South Korean

firm's wholly owned unit, also makes and sells air-conditioners, refrigerators,

washing machines, microwave ovens and information technology products like

colour monitors.

It said refrigerator sales grew 15 to 18 per cent in the year, washing

machines by five to eight per cent and microwave ovens by 14 per cent.

LG entered India in 1997 and has a manufacturing plant on the outskirts of

Delhi and has committed $289 million over a nine-year period until 2005 to boost

capacity and increase exports.

(C) Reuters Limited.